It turned out to be the Unrealized Gains/ Losses related to the A/R balances. But it's possible to run the Balance Sheet and Profit and Loss reports without the Unrealized Gains/ Losses by unchecking the box. So that's what we've done for now.
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This phone number only takes you to a representative who can help you log-in to the Help page in Quickbooks Online. It seems they've chosen to take away the option to call a representative, which is really too bad. I'm out of the country right now, and so it's not an option to have a representative call me back at my number. For such a robust platform, you would think QuickBooks would have better customer service.
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This QBO file has a home currency of NIO (Nicaraguan Cordoba). The account in question is a Accounts Receivable account, based in USD, so a foreign currency. As of 12/31/2018, the balance on the Trial Balance is 1,273.72, but the balance on the Balance Sheet is 1,443.88. The difference is in Unrealized Gain or Loss, which has a balance of 170.16 on the Profit and Loss, but a balance of 0.00 on the Trial Balance. Every other account matches (between the Trial Balance and the Balance Sheet and the Profit and Loss). (Also, when I did the "Revalue Currency" as of 12/31/2018, this A/R account in USD is the only USD account that had an adjustment of 0.00. Is it being treated differenty than other foreign (USD) balance sheet accounts because it's an A/R account? Maybe this is the reason why the difference exists?) I need a Trial Balance that matches both my Balance Sheet and my Profit and Loss. How can I overcome this current discrepancy?
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@HoneyLynn_G This did not help. It only changed the market rate to 32.3305 as of today 3/11/2019. I couldn't change the rate as of 12/31/2018. I am going to have to do a manual entry to adjust these balances to the rate I need to report to the Nicaraguan government. Please open an Investigation to look into this issue: the Revalue Currency tool does not allow you to provide a Custom Rate. It automatically uses the Market Rate.
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When trying to close our multi-currency books for the year in Quickbooks Online, I went to the Currencies list and chose Revalue Currency for USD. Under "Rate" it gives you two options: 1) Market Rate on Revalue Date 2) Custom Rate In order to comply with Nicaraguan government requirements, we need to revalue our currency using the Nicaragua Central Bank rates. Thus, I chose "Custom Rate" and added in our custom rate or 32.3305. However, the revalue calculation still used the Market Rate of 32.3705, even though I didn't not click that circle. I deleted the Journal Entry that was made and tried again, without luck. So our accounts are currently showing balances in the home currency (NIO) that are not correct according to the government requirements here in Nicaragua. Could this be a programming glitch? Has anyone else experienced this? I can add a manual journal entry to adjust these USD balances, but obviously this is something that Quicbooks should be able to do.
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My company switched to Quickbooks Online Plus this year in 2018. Previously we had a 2014 Desktop version. We have an office in Nicaragua that uses the NIO as the home currency, but also has various assets in USD (cash, bank accounts, loans receivable, security deposits). In the report, "Transaction Report", we used to add the column "Foreign Balance" to make sure we could reconcile our non-cash accounts in USD. In Quickbooks Online Plus, there is not an option to choose "Foreign Balance", only "Foreign Amount", "Foreign Credit" and "Foreig Debit". Since this option is not available, is there a workaround that we could use to close the books this year? Are there any plans to make this a column option in the future? It's very useful and even necessary information.
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